Mortgage Application Volume Continues Slide

Mortgage interest rates showed little movement last week while applications for home mortgages continued to decline according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 15th, 2013.

The Market Composite Index, which measures mortgage loan application volume including purchase applications and refinance applications, declined 2.3 percent last week and follows a 1.8 percent decline the week before.

On an unadjusted basis, mortgage loan application volume fell by thirteen percent from the previous week after falling by three percent the week before.

Purchase Applications:

The seasonally adjusted Purchase Index increased by six percent after posting a one percent decline the week before. The unadjusted Purchase Index was eight percent lower than the previous week and was three percent lower than at the same time a year ago.

Applications to purchase homes have been at or lower than last year’s levels for the past eight weeks.

Refinance Applications:

The Refinance Index decreased by seven percent from the previous week after posting a two percent decrease the week before. The refinance share of mortgage activity decreased to 64 percent of total applications from 66 percent the week before.

Mortgage Interest Rates:
 

Average Contract Mortgages Rates
(80% loan-to-value)

Type of
Loan

Interest Rate (%)

Points

Effective Rate

Current

Previous

Current

Previous

30-Year FRM Conforming
($417,500 or less)

4.46

4.44

0.38

0.44

Decreased

30-Year FRM Non-Conforming
($417,501 or more)

4.47

4.48

0.22

0.34

Decreased

15-Year FRM

3.52

3.52

0.33

0.27

Increased

FHA 30-Year

4.14

4.16

0.25

0.32

Decreased

5/1 ARM

3.12

3.11

0.37

0.27

Increased

 
The adjustable-rate mortgage (ARM) share of activity remained at about seven percent of total applications.

Tags: MBA, home purchase applications, mortgage rates, fixed rate mortgage, adjustable rate mortgage, refinance, interest rate, FHA mortgage rates

Source:
Mortgage Bankers Association

Reported by Chris Moore